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Barchart
Rich Asplund

Coffee Rallies as Excessive Heat in Brazil Threatens Coffee Yields

Ice Brazil Robusta Vietnam ICO USDA FAS

Dec arabica coffee (KCZ23) on Monday closed up +4.15 (+2.38%), and Jan ICE robusta coffee (RMF24) closed up +82 (+3.39%).

Coffee prices Monday rallied, with robusta posting a 2-1/2 week high.   Concerns that excessive heat in Brazil could damage coffee trees sparked a rally in coffee prices Monday.  Climatempo said temperatures are expected to be as high as 40 degrees Celsius (104 F) for most of Brazil's coffee-producing regions this week, which could harm coffee trees and reduce yields.  Robusta also had carryover support from last Friday when Vietnam's agriculture department projected Vietnam's coffee production in the 2023/24 crop year could drop by -10% to 1.656 MMT, the smallest crop in four years, due to drought.  

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